Management Discussion & Analysis Report:
A. Overview of Indian pharmaceutical industry structure, development and important
changes:
Looking back at what Pharmaceutical sector in India has achieved in 2022, it has been
transformed from a volume creator to a value provider in 2022. Covid came as a huge
challenge for the pharmaceutical industry. Identifying the disease and then developing
medicine for it was the biggest challenge for Indian and global pharma. The Indian
pharmaceutical industry, however, took it as a challenge and developed vaccines that saved
millions of lives. World leaders have already been impressed with Indian pharma industry
and how it has the potential to reduce barriers to produce drug with affordability and
accessibility.
The pharmaceutical industry was primarily focused on covid drugs in 2020, but by 2022,
the focus had shifted to other severe diseases such as anaemia and cancer. In addition,
the Indian pharmaceutical industry placed a high value on research and development. By
expanding its R&D ecosystem and increasing pharmaceutical exports, India has emerged
as a global medical giant in 2022. The COVID-19 pandemic has altered public perception of
pharmaceutical research. It has demonstrated the significance of investigating novel
therapeutic modalities, conducting complex clinical studies, and cultivating specialised
knowledge and abilities to navigate the drug research and development process. A greater
degree of collaboration between the government and industry was seen this year, with both
playing an important role in helping the sector strengthen its position on the global
market. A paradigm shift has taken place in the pharmaceutical industry as a result of
COVID-19, and the industry and government have become increasingly united, resulting in an
increasing sense of collaboration. In 2022-23, despite geopolitical concerns, India
continued to supply medicines to over 200 countries, living up to its reputation as the
worlds pharmacy. However, as the industry expands its global footprint, it will need to
invest continuously in upgrading manufacturing standards in order to keep its promise of
being a high-quality, dependable supplier of medicines to the world.
India has been placed at the forefront of the global stage by CRO and CMO, for its
agility, competence, and quality in supplying efficacious vaccines in large quantities,
using COVID-19 as a model. It is critical that Indian pharmaceuticals continue to move
upstream, which provides small and large molecule discovery, development, and
manufacturing in order to develop the next generation of medicines and materials while
creating value for investors.
The pharmaceutical industry has grown tremendously in recent years, and the outlook for
2023 remains positive.
According to a recent EY FICCI report, the Indian pharmaceutical market is expected to
reach $130 billion in value by the end of 2030, as there has been a growing consensus on
providing new innovative therapies to patients. Meanwhile, the global market for
pharmaceutical products is expected to exceed $1 trillion by 2023.
The advancement of advanced biologics, cell therapies, and gene therapies has the
potential to change peoples lives. "India is working to develop a policy framework
that includes intellectual property and technology commercialization, government
procurement, scientific research, education, and skill development, as well as ease of
doing business, regulatory legislation, and tax and financial incentives." These
regulatory changes will allow for additional private-sector investment in pharmaceutical
R&D.
(Source: Mint December, 2022)
B. Business performance, opportunities and outlook:
Post covid the operations of the entire company returned to normal. All the employees
even while remotely have ensured that the continuity of the operations remain unhindered.
During covid while the major brands were not impacted significantly, the new brands
launched a year or so prior to covid, which were in the initial stages of building stage
were severely affected as medical practioners could not be met and the momentum built
could not continue.
However this year, post covid, we launched a new product in the Indian market ~
Nervijen D3 tablets. The initial response has been encouraging and this will further
increase the visibility and equity of our brand Nervijen, which is now a prominent brand
in the industry.
Last year your company had launched a new OTC division ~ Jenburkt Wellness, with a view
to blend the best of nature and science. The first brand launched was Zixa Strong. Zixa
Strong a high performance, natural, pain relief product was developed at Jenburkts R
& D.
The launch of Zixa Strong also marked the foray of your company to market and sell
products digitally, apart from being the first OTC brand. Zixa Strong (Gel, Roll-on, and
Spray) is now available on Amazon and 1mg, apart from companys web site www.zixa.co
The launch was on a pilot basis, OTC being a new frontier for your company.
The launch was very successful in terms of creating a high level of interest and
awareness of the brand .The advertisement film was much appreciated for its creativity
garnering a lot of attention and accolades. Your company also participated in a couple of
events, as the Pain Relief partner, like the Ladakh Marathon, the highest marathon in the
world, Indian Football League, as Pain Relief partner to the Mumbai City FC and FC Goa.
This was apart from several local events. The concept of pain relief partners in such
associations was introduced byyour company ~ a unique marketing collaboration.
The response to the product itself has also been encouraging and we have been observing
repeat purchase from consumers.
Based on the above, your company has now decided to take the next step and create a
field force to make the wellness products available at physical retail stores apart from
other online market places. Though in the short term it will impact the profitability of
the Company, as additional expenses will have to be incurred for promotion of the product
and employing talent at the head office and field in the wellness division, we are hopeful
that this will pave the way for future growth for the company.
C. Risks, concerns and threats
Post covid, while in India, overall, we did not feel a significant downturn. However,
in smaller countries, which are important markets for your company, are still struggling
with foreign exchange crisis. Those countries which depend for their foreign exchange
earnings, primarily on tourism and export of goods are yet to see a complete recovery of
business. Their challenges were added by the inflationary pressure created by more
expensive, foreign exchange intensive fuel and costly medicines. The extraordinary
challenges faced by Sri Lanka, one of our foreign markets, is known to all. Our brands
continue to be available in spite of this unprecedented crisis.
Some of our international distributors are finding it difficult to procure and remit
foreign exchange in time as procurement of fuel has been prioritise in their country.
As your company is very conscious of its financial discipline, some shipments had to be
delayed if the distributor had not paid for the past dues, beyond the financial exposure
limits. This has impacted the sales and profits and it may continue to impact in future.
The impact of the war and global economy is a matter of concern for the international
business.
Legal Matters:
A. NPPA had served a show cause notice to the Company alleging that a Companys product
was violating a NPPAs standing order. However, after a Personal Hearing and detailed
submission, NPPA passed a written order stating that the Companys product did not violate
the standing order. Subsequently, NPPA reviewed its own order, without having any power to
review, issued show cause notices and demand notice to the Company. The Company
subsequently filed a writ petition against the demand of NPPA, at the Honble High Court
of Bombay. The matter was settled in favour of the company. The NPPA after over a year
filed a Special Leave Petition (SLP) (demanding Rs.16.45 crore) at the Honble Supreme
Court. DPCO, 1995, explicitly debars NPPA to review its own order, the very reason cited
by Honble High Court of Bombay, while quashing the show cause notices and demand notice
in their judgment dated 08th August, 2013 and 26th September, 2013.
The Company has been legally advised, that based on the facts and merits of the case, the
demand raised by NPPA is not likely to crystallize.
The matter is pending at Supreme Court after being admitted for further hearing.
B. The Assistant Director, Employee State Insurance Corporation (ESIC), had on 18th
May, 2018, issued order under Section 45A of E.S.I. Act 1948, ordering the Company to pay
Rs.0.75 Lacs being contribution @6.50% on alleged omitted wages for the month of March
2013 and to pay Rs.19.67 Lacs being contribution @6.50% on Head Quarter allowance and
other expenses during the year 2013-14 and 2014-15. The company has been regular in paying
contribution to ESIC. However, the subject order is based on alleged wrong interpretation
by the Assistant Director ESIC, that Head Quarter Allowance paid by the company to its
Field Force cadre is a part of wages. As the Company is not in agreement with the
interpretation of ESIC, has filed petition on 23rd October, 2018 at Employees
Insurance Court, Mumbai, challenging the order of the Assistant Director, ESIC. The
Company has also deposited on 5th October, 2018, an amount of Rs.10.21 Lacs- as
50% of the Demand as per requirement. The company has got an Interim Order from the ESIC
Court, Mumbai, staying the Demand under Section 45A and restraining the ESI Corporation
from proceeding to recover any amount on the basis of said orders pending hearing and
disposal of main application.
C. The Drug Inspector, Tirupati, took a company product from a local chemist and sent
for test at a Government laboratory in Vijayawada which declared the samples as not of
standard quality. Further, the said samples were sent to Central Drug Laboratory at
Kolkata. Both these laboratories did not test the product in accordance to the Companys
method of analysis, as mandated for the Proprietary medicine where no previous reference
is available for testing. They conducted testing by different/ random method of Analysis
which was inappropriate and hence the product failed at such analysis. Whereas same
product of same batch tested thereafter at Companys laboratory at Sihor and recognised
Laboratory in Mumbai which passed the analysis, as they were based on the Companys method
of analysis for proprietary medicine. The Drug Inspector then filed a case at I-Additional
District Sessions Court, Chittoor. The Company swiftly approached the High Court, of
Andhra Pradesh, Amravati and succeeded in obtaining stay on 5th May, 2022 on
all further proceedings initiated by lower court i.e. at I-Additional District Sessions
Court, Chittoor.
D. The company received a notice dated 04th October, 2022 from Narpoli
Police Station that crime has been registered by them. They have confiscated expired stock
of 500 strips of Cartisafe D Tablets from a third party godown which was expected to be
destroyed after expiry. They have vide their letter dated 26th April, 2023
handed over the said stock to the company, with advise to get them destroyed and submit
the certificate to them. The company has complied with the same.
1. Buyback and Change in Paid-up Share Capital:
The Board of the Company had, in compliance with the applicable provisions of the
Companies Act, 2013, SEBI (Buyback of Securities) Regulations, 2018 and all other
applicable laws, by a resolutions passed at its meeting held on 1st December,
2022 approved the buyback of the Companys fully paid-up equity shares of the face value
of Rs.10/- (Rupees Ten only) each from its shareholders / beneficial owners (excluding
promoters, promoter group and persons who are in control of the Company), via the open
market route through the stock exchange (BSE Ltd.), for a total amount not exceeding
Rs.11,60,00,000/- (Maximum Buyback Size), and at a price not exceeding Rs.702/- per Equity
Share (Maximum Buyback Price), payable in cash. Company was also authorised to utilize at
least 50% of the Maximum Buyback Size i.e. Rs.5,80,00,000/- (Minimum Buyback Size) towards
the Buyback of equity shares in terms of the Buyback regulations. The above buyback sizes
were exclusive of transaction cost associated to the buyback and the buyback tax.
The Buyback commenced on 13th December, 2022 and was closed on 24th
March, 2023. During this period, the Company bought back 1,76,078 Equity Shares
(representing 3.84% of pre Buyback outstanding equity shares of the Company) at total cost
of Rs.11,42,39,205.25, excluding transaction cost.
The Buyback tax in accordance to Income Tax Act, 1961 was paid by the Company. The
Shareholders who participated in the buyback, are not liable to pay any capital gain tax,
according to said Act.
As required a Public Announcement was published in nationwide newspapers, prior to
opening of buyback and an advertisement was published in similar newspapers, post closure
of the buyback offer.
Post buyback the paid-up share capital of the Company has been reduced from 4589378
equity shares of Rs.10/- each to 4413300 equity shares of Rs.10/- each. The shareholding
of the promoter has been increased from 45.73% to 47.56% and the shareholding of the
Public was reduced from 54.27% to 52.44%.
The history of capital structure of the Company is as shown in the Table below:
2. Management:
A. Appointment of Director(s):
Shri Ashish U. Bhuta (DIN: 00226479) director of the Company is liable to retire by
rotation basis at the ensuing AGM of the Company. Being eligible for reappointment, he has
offered himself to be re-appointed. He was appointed as the Chairman and Managing Director
of the Company, for a period of five consecutive years from 1st April, 2021 to
31st March, 2026 by a special resolution at the 35th AGM of the
Company held on 1st September, 2020. In accordance to the said Special
Resolution his remuneration was approved for three years from 1st April, 2021
to 31st March, 2024. A special resolution is proposed, for payment of his
remuneration for the remaining period of two years from 1st April, 2024 to 31st
March, 2026, in the ensuing 38th AGM of the Company.
A brief profile of Shri Ashish U. Bhuta being re-appointed as the Director, is
appearing in the Report on Corporate Governance in this Annual Report.
Shri Dilip H. Bhuta (DIN 03157252) Director of the Company was appointed as the Whole
Time Director and CFO of the Company at the 36th AGM of the Company held on 7th
September, 2021 for a period of five years from 1st April, 2022 to 31st
March, 2027. His remuneration was approved for a period from 1st April, 2022 to
31st March, 2025 under the said special resolution. His appointment was subject
to retirement by rotation.
Shri Sumit Ajaybhai Thakkar (DIN: 10157663): A ordinary resolution is recommended in
the ensuing 38th AGM, for the appointment of a new director viz. Shri Sumit
Ajaybhai Thakkar, as a non-executive and independent director of the Company, for a period
of five years, from the date of the AGM i.e. 26th July, 2023 to 25th July,
2028.
S. No. Events |
Date |
No. of Authorised equity Shares (F.V. Rs.10/-) |
No. of issued, Subscribed and Paid-up equity Shares (F.V. Rs.10/-) |
1 Pre Public issue |
Oct-1994 |
5000000 |
25700 |
2 Post Public Issue |
Jan-1995 |
5000000 |
4649300 |
3 Increased in Authorised share Capital |
Mar-2012 |
10000000 |
4649300 |
4 Post First Buyback (06th December, 2017 to 19th
December, 2017) 59,922 shares bought back @ Rs.576/- by tender route. |
Dec-2017 |
10000000 |
4589378 |
5 Post Second Buyback (13th December, 2022 to 24th
March, 2023) 1,76,078 equity shares bought back through Stock Exchange @ Rs.648.80 average
price (excluding transaction charges and buyback taxes). |
Mar-2023 |
10000000 |
4413300 |
A brief profile of Shri Sumit A. Thakkar being appointed as an Independent Director, is
appearing in the Report on Corporate Governance in this Annual Report.
B. Independent Directors:
At present, the Company has four independent Directors, viz. Shri Bharat V. Bhate (DIN:
00112361), Shri Rameshchandra J. Vora (DIN: 00112446), Shri Arun R. Raskapurwala (DIN:
00143983) and Mrs. Hina Ravindra Mehta (DIN: 08719453). The total strength of the Board is
six directors.
The existing independent Directors on the Board of the Company have confirmed
compliance with the Code for independent Directors as prescribed in Schedule IV to the Act
and the code of business conduct of the Company, for the financial year 2022-23.
The Board has received necessary declaration from the individual Independent Directors
confirming their independence from the management of the Company and that there has been
no circumstances affecting their status as an Independent Director of the Company. There
is no conflict of interest of any of the Independent Directors with the Company.
The Board propose to appoint one more independent director viz. Shri Sumit A. Thakkar
and recommend his appointment in the ensuing AGM.
The composition of the Board of Directors is in accordance and in compliance with the
provisions of SEBI-LODR.
The Company has insured all the Directors on the Board and officers of the Company
under Directors and officers (D&O) insurance policy.
For further details with regard to independent Directors of the Company, kindly refer
to report on Corporate Governance in this Annual Report.
C. Details of the Meetings of Board of Directors:
The Directors of the Company met for five times, for the meeting of the Board during
the year under review, on 27th May, 1st August, 8th
November, 1st December, 2022 and 7th February, 2023.
Kindly refer to report on Corporate Governance in this annual report for further
details about Board, its composition and meetings.
D. Composition and details of meeting of the Committees of the Board:
No changes in the composition of any of the Committees of the Board of the Company has
taken place during the financial year under review. Details of the meetings of each of the
Committees is as under:
i. Audit Committee: This Committee met for five times during the year under review: on
27th May, 1st August, 8th November, 1st
December, 2022 and 7th February, 2023.
ii. Stakeholders Relationship Committee: This Committee met for four times during the
year under review: on 27th May, 1st August, 8" November, 2022
and 7th February, 2023.
iii. Corporate Social Responsibility Committee: This Committee met for three times
during the year under review: on 27th May, 1st August, 2022 and 7th
February, 2023.
iv. Nomination and Remuneration Committee: This Committee met for three times during
the year under review: on 27th May, 1st August, 2022 and 7th
February, 2023.
For further details about the above Committees and its meetings, kindly refer to report
on Corporate Governance in this annual report.
The Committees take decisions at their respective meetings and recommended them to the
Board for its considerations. All such recommendations forwarded by the Committees to the
Board, which are considered by the Board, to arrive at appropriate decisions. None of such
recommendations were rejected during the year under review by the Board, i.e. all the
recommendations of all the Committees have been accepted by the Board for its
consideration.
E. Annual performances evaluation procedure:
Annual evaluations/reviews of performances of the Board, its Committees and individual
Directors were carried out, at the meetings of Board and Committees, based on set criteria
for evaluations/reviews. Criteria such as qualifications, knowledge, attendance at the
meetings, participation in long-term strategic planning, leadership qualities,
responsibility shouldered, interpersonal relationship and analytical decision making and
other abilities were taken in to consideration, in evaluating the performance of
individual Directors. In accordance to the applicable provisions of Section 134(3)(p) read
with rule 8(4) of companies (Accounts) Rules, 2014, section 178(2), Schedule IV and other
applicable provisions of the Act and regulation 17(10) and 25(4) and other applicable
regulation(s) of SEBI- LODR, the Board carried out performance evaluation of independent
Director without the participation of the Director being evaluated. The evaluation by the
Board was carried out, after seeking inputs from all Directors at the Board and Committee
meetings, including observance of governance, quality of deliberation and effectiveness of
the procedures adopted by the Board. The performances of the Committees were evaluated by
the Board, by seeking feedback/inputs on set criteria, from the members of the respective
Committees. Evaluation of the Chairperson was also carried out by the Directors. All the
directors shown their satisfaction for the fair evaluation process.
The assessment about the quality, quantity and timeliness of flow of information
between the management of the Company and the Board of Directors, necessary for the Board
of Directors to effectively and reasonably perform their duties, was carried out by the
independent directors at their separate meeting.
F. Salient features of Companys policies on Directors appointment and remuneration:
Followings are the salient features of the Companys two policies viz. "Selection
of Directors, Senior Managerial Personnel and determining Directors independence"
and "Remuneration of Directors, Key Managerial Personnel and other Employees".
i. For selection of Directors and determining Directors independence:
For providing guidance towards appointees qualification, experience as required and
determine their independence of the management of the Company, the Company has framed a
policy viz. "Selection of Directors, Senior Managerial Personnel and determining
Directors independence" containing the guiding principles for the Nomination and
Remuneration Committee for identifying Directors.
The Nomination and Remuneration Committee, for the appointment of a Director on the
Board of the Company take in to account criteria such as education, professional
background, knowledge, experience, understanding about Companys business and industry, in
general, personal and professional ethics, integrity values and willingness to shoulder
his/her duties, attendance at the Board and Committee meetings, perform his/her role with
responsibility, analytical decision making ability, interpersonal relationship qualities
and participation in long-term strategic planning, adherence to the companys policies and
codes, provision of all acts, rules and regulations, as applicable, are consider to act as
the Director on the Board of the Company. In case of independent Directors, his/her
independence of the management of the Company, no conflict of interest in any transaction
entered in to or to be entered in to by the Company with any person(s), firms, Companies,
body corporates, whether directly or indirectly are take into account.
This policy has been hosted on the website of the Company viz. www.jenburkt.com
ii. For remuneration of Directors, Key Managerial Personnel and other employees:
The Nomination and Remuneration Committee recommend to the Board about the remuneration
of all the Directors, key managerial personnel and senior employees of the Company
including the sitting fees of the independent Directors, in pursuance to the Companys
policy viz. "Remuneration of Directors, Key Managerial Personnel and other
Employees". The remuneration packages are designed in such a manner that they are not
only competitive but also are attractive enough to retain the talent in the Company. For
employees of the Company this package basically include, the salary, perquisites,
allowances, bonus and other benefits, etc., as applicable. Your company has also insured
all its Directors and senior officers, under D&O liability insurance, for indemnifying
them from any liability that may occur while performing their role, duties,
responsibilities etc. The premium towards the said policy is borne by the Company.
This policy has been hosted on the website of the Company viz. www.jenburkt.com
H. Key Managerial Personnel (KMP)
In compliance with the provisions of the Section 203(1) of the Act, the Company has
three KMPs, viz. Shri Ashish U. Bhuta - Chairman and Managing Director, Shri Dilip H.
Bhuta - Whole Time Director and CFO and Shri Ashish R. Shah - Company Secretary and
Compliance Officer as on 31st March, 2023. No changes in KMP took place during
the year under review.
3. Internal control system and their adequacy :
The Internal control system involve overseeing the process effected by the Board and
Senior Personnel of the Company, to provide reasonable assurance that the Company
compliances with the applicable laws, policies, codes, etc. and that such compliances are
done in timely manner and are accurate and reliable. The Audit Committee, the internal and
statutory auditors seek information as required for audit of financial records of the
Company and maintain stricter vigilance for the financial control to avoid and mitigate
the risk involved with financial activities of the Company. Proactive approach towards
prevention and corrective measures are ensured.
Appropriate systems of internal control, including monitoring procedures are maintained
at the Company. This ensure that all assets are safeguarded against loss from unauthorized
use or disposition and that the overall objections and goals are met within the
organisation.
The policies and procedures framed and practiced by the employees of the Company
endeavours to provide for adequate checks and balances and are meant to ensure that all
the approvals, authorisations, verifications, reconciliation, reviews are performed and
recorded.
The Company keeps investing in automation and latest technology to improve efficiency
in business operations. A SAP based ERP system is in place in the Company. This ERP system
integrate the Companys manufacturing and supply chain and key supporting functions like
finance and accounts, marketing, sales, HR, etc. The system has also been installed with
your Compa nys Su per Stockists to get data of their sales, stock, collection,
breakage/expiry etc. The Companys investment in such technology ensured that your Company
could work remotely almost instantaneously during pandemic.
A software for Structured Digital Database has been installed in the own server of the
Company, as required under SEBI - Prohibition of Insider Trading Regulations, 2011 (SEBI -
PIT). All the Unpublished Price Sensitive Information (UPSI) of the Company are recorded
in it, as and when generated. The trading, transactions etc. by the designated and
connected persons in the equity shares of the Company are also recorded regularly.
The audit committee of the Company carries out inter-alia, the functions specified
under the Act and SEBI-LODR. The Company has a well-defined whistle blower policy under
its vigil mechanism.
Based on internal financial control policy frame work established and followed by the
Company, the audit work performed by the Companys internal auditors, statutory auditors,
cost auditors and secretarial auditors and based on reviews of the management and the
audit Committee, the board is of the opinion that the Companys internal financial
controls are adequate and effective.
4 Research and Development (R&D)
The newly upgraded and renovated R&D set up at Sihor, approved by Ministry of
Science and Technology, Government of India is developing products for both the
pharmaceutical and wellness division.
We hope to keep adding to our list of brands on promotion products developed at our
state of the art R&D Centre.
5 Material development in human resources
We consider People - "Jenburktians" - as our core asset who consistently keep
Jenburkt on the path of growth. Covid unlock presented us with opportunity to implement
people centric initiatives to help them grow technically, functionally and behaviourally.
We introduced power packed twin programs - Management Development and Executive
Development. These programs helped our employees to develop relevant competencies.
In-person training programmes for the field force have resumed.
Its a proven fact that an actively engaged employee delivers high performance. In line
with the discovered insight we launched series of employee engagement activities
delivering specific business objectives.
Performance planning and assessment is an integral aspect of a successful organisation.
Last year, we launched a new robust initiative to build a culture of planned performance.
We are certain about building a high potential and high performance team through this
initiative.
Organisational culture plays a vital role in its journey to sustained growth. We did
existing culture mapping and have consciously arrived at a desired organisational culture
to match the competitive environment. HR has initiated various initiatives enabling
cultural shift.
It is our constant endeavour to build policies which are assisting compliance and are
industry wide competitive.
It will be our continuous endeavour to build a robust people centric organisation
delivering sustained growth.
During the year, the Company had total 724 employees on its payroll.
6 International Business:
The global pharmaceutical market is highly competitive. We compete against other major
international companies that have substantial financial and other resources, as well as
against smaller companies and exporters from India that operate regionally or nationally.
Competition within the industry is intense and extends across a wide range of
activities, including pricing, product characteristics, regulatory approvals, customer
service, credit facilities, sales and marketing, and research and development.
Despite having above competitions, challenges in getting regulatory approvals to launch
newer molecules in the markets and by maintaining a healthy accounts receivable to sales
ratio, your company has registered growth in the business, as compared to the previous
financial year and achieved 25 Crores Sales during the year.
Your Company is aiming for a better business volumes from the global operations by
increasing products portfolio of 3-5 Products in the current Markets and Venturing into
2-3 newer countries during 2023-2025.
7. Segment wise performance
Your Company operates exclusively in one segment i.e. pharmaceutical formulations.
8. Cautionary Statement:
Few statements in this report particularly that pertains to management discussion and
analysis may contain certain remarks that might be considered forward looking. These
statements are subject to certain risks and uncertainties and actual results may differ
materially from those expressed in the statement as unforeseen factors could influence the
Companys operations such as domestic or international governments policies, adversities
that may be caused by situations like natural calamities, Covid-19 like pandemic,
political and economic developments, risks inherent to the Companys growth and such other
factors.
+91-9892691696
